Overview

Detailed Summary

Life Insurance Corporation of India is India’s largest life insurer offering a comprehensive mix of participating, non‑participating, group, pension, ULIP and micro insurance products across a pan‑India agency, bancassurance and alternate channel network to individual and institutional customers.
LIC reported 9M FY26 Total Premium Income of Rs.3,71,293 crore (+9.0% YoY) with AUM of Rs.59.17 lakh crore (+8.0% YoY), Profit After Tax of Rs.33,998 crore (+16.7% YoY) and improved solvency to 2.19, reflecting strong earnings and capital metrics.
The company is materially shifting product mix towards non‑participating and unit‑linked products: individual non‑par now represents 60.48% of individual new business premium and Non‑Par APE rose 47.4% YoY, supporting VNB growth and higher VNB margin of 18.8% (up 170 bps YoY).
Distribution evolution is a key driver — 14.72 lakh agents, 2.97 lakh Bima Sakhis recruited, bancassurance & alternate channel NBP up 66.7% YoY — while digital bets (DIVE data lake, Ananda/Ananda 2.0, DIVE apps, LIC MITRA chatbot) aim to lower costs and improve agent productivity.
Operational efficiency improvements are visible: overall expense ratio declined by 132 bps to 11.65%, conservation ratio improved and persistency on premium basis remains robust around mid‑60s to mid‑70s across key cohorts despite pockets of pressure in some policy cohorts.

Sector: Insurance
Industry: Life Insurance
Market Cap: 4,99,359 Cr
Volatility: Moderate Risk
P/E Ratio: 9.4
Industry P/E: 16.8
PEG Ratio: 0.5
P/B Ratio: 3.6
52W High: 980.05
52W Low: 722.00

Sales CAGR

1Y: 5.20%
3Y: 7.03%
5Y: 7.50%
10Y: —

Profit CAGR

1Y: 18.10%
3Y: 128.37%
5Y: 77.76%
10Y: —

ROE

TTM: 36.00%
3Y: 48.78%
5Y: 48.09%
10Y: —

ROCE

TTM: 0.97%
3Y: 0.82%
5Y: 0.57%
10Y: —

Technicals

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Peers

Financial Services Financial Services Insurance Life Insurance

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LICI		734.75	5,04,798 Cr	9.52	3.56	1.50	36.00	0.97	0.83
SBILIFE		1920.00	1,89,024 Cr	76.52	9.90	0.14	12.94	0.55	0.49
HDFCLIFE		606.55	1,34,206 Cr	70.18	7.56	0.34	10.77	0.54	0.49
ICICIGI		1714.05	91,221 Cr	32.91	5.48	0.74	16.66	22.77	3.64
ICICIPRULI		513.50	81,913 Cr	50.94	6.03	0.29	11.80	0.50	0.50
GICRE		378.95	68,562 Cr	7.12	0.97	2.56	13.64	11.68	4.33
MFSL		1640.30	58,490 Cr	412.98	11.03	0.00	3.04	3.53	0.09
Median: 7 Co.	—	734.75	91,221 Cr	50.94	6.03	0.34	12.94	0.97	0.50

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,02,395	2,13,159	2,51,790	2,11,725	2,30,413	2,02,931	2,42,270	2,23,605	2,40,454	2,34,466
Expenses	1,95,036	2,04,637	2,38,950	2,00,747	2,23,067	1,91,501	2,23,439	2,12,730	2,30,951	2,22,826
Operating Profit	7,359	8,523	12,840	10,979	7,346	11,430	18,831	10,875	9,503	11,640
OPM %	3.64	4.00	5.10	5.19	3.19	5.63	7.77	4.86	3.95	4.96
Other Income	768	1,008	825	-427	389	-411	215	111	698	1,240
Interest	—	—	—	—	—	—	—	—	—	—
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	8,128	9,531	13,664	10,551	7,735	11,018	19,046	10,986	10,202	12,880
Tax %	—	—	—	—	—	—	—	—	—	—
Net Profit	8,030	9,469	13,842	10,544	7,729	11,009	19,039	10,957	10,098	12,930
EPS in Rs	12.70	14.97	21.79	16.67	12.22	17.40	30.10	17.32	15.97	20.44

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,71,478	6,46,180	7,04,873	7,28,628	7,95,295	8,61,021	8,92,114	8,99,219
Expenses	5,70,709	6,49,382	7,00,294	7,18,716	7,53,800	8,21,991	8,39,316	8,50,737
Operating Profit	769	-3,202	4,579	9,912	41,496	39,031	52,798	48,482
OPM %	0.13	-0.50	0.65	1.36	5.22	4.53	5.92	5.39
Other Income	1,874	5,920	-1,598	-5,747	-5,415	2,026	-4,448	303
Interest	—	—	—	—	—	—	—	0.00
Depreciation	—	—	—	—	—	—	—	0.00
Profit Before Tax	2,642	2,719	2,980	4,165	36,081	41,057	48,351	48,785
Tax %	—	—	—	—	—	—	—	0.11
Net Profit	2,627	2,710	2,974	4,125	35,997	40,916	48,320	48,733
EPS in Rs	—	—	—	6.52	56.92	64.69	76.39	83.83
Dividend Payout %	101.45	99.53	0.00	23.01	5.27	15.46	15.71	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	100	100	1,000	6,325	6,325	6,325	6,325
Reserves	710	902	6,784	5,012	39,908	76,422	1,20,901
Borrowings	2,69,401	2,53,414	3.67	1.29	0.00	0.00	0.00
Other Liabilities	31,57,039	32,45,419	38,21,737	42,42,719	45,32,258	52,33,300	55,33,342
Total Liabilities	34,27,249	34,99,834	38,29,524	42,54,058	45,78,491	53,16,047	56,60,568
Fixed Assets	14,568	14,572	3,474	3,571	3,837	4,075	4,483
CWIP	710	734	148	199	331	403	326
Investments	29,11,623	29,90,478	35,31,842	39,40,609	42,59,976	49,93,128	53,15,603
Other Assets	5,00,348	4,94,050	2,94,060	3,09,679	3,14,347	3,18,442	3,40,157
Total Assets	34,27,249	34,99,834	38,29,524	42,54,058	45,78,491	53,16,047	56,60,568

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	13,274	54,367	80,602	-3,783	54,519	26,122	-9,145
Cash from Investing Activity	9,636	-40,415	1,48,447	12,531	-52,848	-25,269	40,832
Cash from Financing Activity	-13,700	-18,664	-2,56,125	0.00	-949	-4,427	-3,794
Net Cash Flow	9,211	-4,712	-27,077	8,748	722	-3,574	27,893

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%	96.50%
FIIs	0.08%	0.10%	0.06%	0.14%	0.19%	0.15%	0.07%	0.10%	0.11%	0.12%	0.20%	0.31%
DIIs	0.83%	0.85%	1.00%	0.86%	0.94%	1.17%	1.27%	1.28%	1.37%	1.36%	1.34%	1.28%
Public	2.59%	2.56%	2.44%	2.49%	2.37%	2.18%	2.16%	2.12%	2.02%	2.02%	1.96%	1.91%
Total Shareholders	32,81,544	31,34,541	29,36,740	27,16,181	25,63,693	23,98,130	23,75,396	23,71,841	22,77,180	22,27,966	21,55,417	21,11,766

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